It's the same reasoning and consequences as with "gun control".

Criminals who are the hypothetical target of this law will keep transacting regardless of it, with zero effect or alteration, exactly as with the already existing AML and KYC laws (or with disarmament laws).

And law abiding citizens will be forced to become either slaves with no rights, or newly minted "criminals" who, when caught (because they're not professional criminals), become "proof of the need" for such laws, in a self-fulfilling prophecy. nostr:note1e3j6m563ztn044rrcqqjj7ztw5yqf0ezym4vugfwyp9um675d2rqf0cvv9